The national inventory of single family homes for sale was 1.61 million units in September, the equivalent of 4.0 months of supply at the current sales rate. Here locally in Napa our supply as of September stood at 3.8 months. Our peak in 2019 happened in March when we reached 4.7 months of inventory in Napa County.
Yet, since late 2015, the inventory of single family homes for sale has remained below the normal national range of 5 to 7 months.
Here in Napa the Million dollar plus homes have shown signs of downward movement over the past two months dropping to 7 months of inventory in October. This market has spent most of the year at over 9 months of inventory with the peak month being April with 13.5 months of inventory. In 2018 the million dollar plus market fluctuated in the 6 month inventory range.